That's exactly it (and it's a message we've been hearing over and over for the past decade at least -- "worry about being productive, if it's slow, Moore's law will fix it for you in a few years").
The thing is, in some cases, all the productivity ends up costing a lot more. For small shops it will not be evident, but for bigger ones trying to scale, it'll be a major area of improvement (to use less cycles).
And that's OK... comes down to using the right tool for the right job, matching the skills of your developers with the challenge, how fast you want things delivered, etc, etc, etc.
I think the major issue people see is that when all of that slow programs are looked from a 10,000 feet view as a single thing, it looks like a damn waste of resources. Thus comments like "computing (as a whole) in the last X years has been terrible", etc. We can delve into programmer culture, lack of skills, people not caring about wasting resources, etc, etc, etc.
I think the solution is better tooling. Let the programmer be productive, deliver things fast, etc, but build something more intelligent that will strip it down to only the necessary bits and deploy.